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| Flood ebbs, Northeast picks up after epic storm Wednesday, Oct 31, 2012 07:42 PM PDT  NEW YORK (Reuters) - New York City and the sodden U.S. Northeast began an arduous journey back to normal on Wednesday after mammoth storm Sandy killed at least 64 people in a rampage that swamped coastal cities and cut power to millions. Financial markets reopened with the New York Stock Exchange running on generator power after the first weather-related two-day closure since an 1888 blizzard. Packed buses took commuters to work with New York's subway system idle after seawater flooded its tunnels. ... Full Story | Top |
| Obama front and center in storm crisis as Romney subdued Wednesday, Oct 31, 2012 05:14 PM PDT  ATLANTIC CITY, New Jersey (Reuters) - In a close and bitterly fought campaign for president, it was a day of contrasts: President Barack Obama joined New Jersey's Republican governor to tour storm-ravaged areas, while election rival Mitt Romney was relegated to a subdued day of rallies in Florida. The devastation wrought by mammoth storm Sandy allowed Obama to project an image of a president in charge at a time of crisis. Tied in polls six days before the election, he is fighting to gain an edge over Republican Romney whose recent momentum may be slowing. ... Full Story | Top |
| U.S. power market watchdog seeks record $470 million from Barclays Wednesday, Oct 31, 2012 08:54 PM PDT  (Advisory: Contains language that may offend in paragraph seven) WASHINGTON/NEW YORK (Reuters) - U.S. regulators threatened to fine Barclays roughly $470 million to settle allegations that the bank and four traders manipulated California electricity markets, reviving the specter of a sector-wide crackdown on energy trading. It could possibly be the biggest penalty ever levied by the Federal Energy Regulatory Commission (FERC), and potentially exceeds the fine Barclays paid over the Libor bid-rigging scandal that cost Chief Executive Robert Diamond his job. ... Full Story | Top |
| Apple's Cook fields his A-team before a wary Wall Street Wednesday, Oct 31, 2012 08:18 PM PDT  SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook's new go-to management team of mostly familiar faces failed to drum up much excitement on Wall Street, driving its shares to a three-month low on Wednesday. The world's most valuable technology company, which had faced questions about a visionary-leadership vacuum following the death of Steve Jobs, on Monday stunned investors by announcing the ouster of chief mobile software architect Scott Forstall and retail chief John Browett -- the latter after six months on the job. ... Full Story | Top |
| Expect feisty defense from China's disgraced Bo Xilai Wednesday, Oct 31, 2012 08:48 PM PDT  BEIJING (Reuters) - Disgraced former top Chinese politician Bo Xilai can be expected to mount a feisty defense of himself when he finally comes to trial, but a guilty verdict is not in doubt, a lawyer who had a front seat at China's last major show trial said. Zhang Sizhi was defense lawyer for Mao Zedong's widow, Jiang Qing, leader of the "Gang of Four" that wielded supreme power during the 1966-76 Cultural Revolution. She was given a suspended death sentence in 1981 for the deaths of tens of thousands during that period of chaos. ... Full Story | Top |
| Child sex convict Sandusky sent to Pennsylvania maximum security prison Wednesday, Oct 31, 2012 04:05 PM PDT  HARRISBURG, Pennsylvania (Reuters) - Former Penn State assistant football coach and convicted child sexual predator Jerry Sandusky will spend the rest of his days in a maximum security prison in the southwest corner of Pennsylvania, the state corrections system decided on Wednesday. Sandusky, 68, who was sentenced to 30 to 60 years in prison this month for sexually abusing 10 boys over a 15-year period, was transferred to the State Correctional Institution at Greene County, near Pittsburgh, where he was put in protective custody. ... Full Story | Top |
| Panasonic cleans house with writedowns, sees $9.6 billion loss Wednesday, Oct 31, 2012 08:28 PM PDT  TOKYO (Reuters) - Panasonic Corp said it will lose almost $10 billion this business year as it cleans house of poorly performing operations, writing down billions of dollars of goodwill and assets in its mobile and energy units while its new boss readies for a fresh bout of restructuring. Shares in Panasonic, founded in 1918, plunged by nearly a fifth on Thursday to their lowest in more than three decades. A day earlier, it forecast a 765 billion yen ($9.6 billion) net loss for the year to March, nearly matching last year's record loss of 772 billion yen. ... Full Story | Top |
| France, Britain set stage for EU budget wrangling Wednesday, Oct 31, 2012 04:27 PM PDT  BRUSSELS/LONDON (Reuters) - British Prime Minister David Cameron came under pressure to act tough on the European Union budget and France threatened to use its veto, signaling a divisive start to bargaining over the 1 trillion euro ($1.3 trillion) long-term spending plan. Wednesday's warning from Paris echoed similar threats from Denmark and Britain, where Cameron suffered a humiliating defeat in parliament after Conservatives rebelled over Europe, an issue that has long divided his party. ... Full Story | Top |
| Race tight in four states, Obama holds slight edge: Reuters/Ipsos poll Wednesday, Oct 31, 2012 02:51 PM PDT  WASHINGTON (Reuters) - President Barack Obama and Republican Mitt Romney are neck and neck in four of the most hotly contested states in next week's election, but Obama holds a slight advantage in two of them, according to a Reuters/Ipsos poll released on Wednesday. The online survey of four battleground states showed Obama leading by 3 percentage points in Ohio and 2 points in Virginia. The two are dead even in Florida, and Romney leads by 1 percentage point in Colorado. ... Full Story | Top |
| Meningitis death toll rises to 29 with fatality in Virginia Wednesday, Oct 31, 2012 12:18 PM PDT  (Reuters) - Another patient has died in Virginia after contracting fungal meningitis from potentially tainted steroid injections supplied by a Massachusetts company, the U.S. Centers for Disease Control and Prevention said on Wednesday, bringing the death toll from the outbreak to 29 nationwide. The latest death brings to three the number of fatalities reported in Virginia. Tennessee has reported the most deaths at 11, followed by Michigan with seven. The number of cases of fungal meningitis reported across the United States rose to 368 on Wednesday, up 12 from Tuesday, the CDC said. ... Full Story | Top |
| Obama, Republican Christie tour storm-hit New Jersey, trade praise Wednesday, Oct 31, 2012 03:18 PM PDT  ATLANTIC CITY, New Jersey (Reuters) - Putting aside partisan differences, President Barack Obama and Republican Governor Chris Christie toured storm-stricken parts of New Jersey on Wednesday, taking in scenes of flooded roads and praising each other for their response to superstorm Sandy. Riding in the Marine One presidential helicopter, Obama and Christie got an aerial view of some of the hardest-hit areas of the New Jersey shoreline, and afterward the president promised to cut through red tape to help storm victims. ... Full Story | Top |
| UK's Cameron rocked by defeat in Europe budget vote Wednesday, Oct 31, 2012 01:36 PM PDT  LONDON (Reuters) - British Prime Minister David Cameron suffered a humiliating defeat in parliament on Wednesday after Conservatives rebelled over Europe, an issue that has divided his party for decades and helped bring down previous leaders. Although the result carried no legal weight, the setback raised questions about Cameron's authority after months of missteps by his coalition government and it revived painful memories of Conservative infighting over Europe. ... Full Story | Top |
| Clinton calls for overhaul of Syrian opposition Wednesday, Oct 31, 2012 12:59 PM PDT  ZAGREB (Reuters) - The United States called on Wednesday for an overhaul of Syria's opposition leadership, saying it was time to move beyond the Syrian National Council and bring in those "in the front lines fighting and dying". Secretary of State Hillary Clinton, signaling a more active stance by Washington in attempts to form a credible political opposition to Syrian President Bashar al-Assad, said a meeting next week in Qatar would be an opportunity to broaden the coalition against him. ... Full Story | Top |
| Barclays CEO juggles client grab with cost cuts Wednesday, Oct 31, 2012 10:45 AM PDT  LONDON (Reuters) - Barclays' new boss Antony Jenkins must decide in the coming months whether to pick up business left open by a retreat from investment banking by UBS and other rivals, or push even harder with cuts to the British bank's own operation. Jenkins, who became chief executive three months ago after Bob Diamond left Barclays over an interest rate rigging scandal, is in the middle of a review aimed at cutting pay, shaking up the bank's culture and reshaping its strategy. ... Full Story | Top |
| Flood ebbs, Northeast picks up after epic storm Wednesday, Oct 31, 2012 03:50 PM PDT  NEW YORK (Reuters) - New York City and the sodden Northeast began an arduous journey back to normal on Wednesday after mammoth storm Sandy killed at least 64 people in a rampage that swamped coastal cities and cut power to millions. Financial markets reopened with the New York Stock Exchange running on generator power after the first weather-related two-day closure since an 1888 blizzard. Packed buses took commuters to work with New York's subway system halted after seawater flooded its tunnels. ... Full Story | Top |
| Wall Street ends flat, tech shares dip after Sandy shutdown Wednesday, Oct 31, 2012 02:30 PM PDT  NEW YORK (Reuters) - The stock market slowly returned to life on Wednesday after two days in the dark, in the wake of the massive storm Sandy that caused the market's first weather-related two-day closure since the late 19th century. The Dow and the S&P 500 closed little changed while the Nasdaq Composite edged lower in a session with slightly less than average volume. ... Full Story | Top |
| Romney limits attacks on Obama as U.S. recovers from Sandy Wednesday, Oct 31, 2012 02:29 PM PDT  CORAL GABLES, Florida (Reuters) - Presidential candidate Mitt Romney held back from his usual attacks on President Barack Obama on Wednesday with the East Coast reeling from storm Sandy, but the positive tone did not extend to other Republican speakers at his events. As Obama traveled to New Jersey to survey the damage with Republican Governor Chris Christie, Romney staged a show of strength in Florida, where polls give him a narrow edge in the most populous swing state. He appeared with two of the state's most popular politicians, Senator Marco Rubio and former Governor Jeb Bush. ... Full Story | Top |
| GM sees European operations breaking even by mid-decade Wednesday, Oct 31, 2012 11:57 AM PDT  DETROIT (Reuters) - General Motors Co posted a surprisingly strong profit on Wednesday on higher sales and vehicle prices, mainly in the United States, and said it was targeting a return to break-even levels in its European operations by mid-decade. Shares of the automaker rose more than 10 percent as investors welcomed better-than-expected results in North America, South America and the International unit that includes China, as well as a more defined roadmap for ending its European losses. GM's stock debuted at $33 a share when it re-entered the market in the fall 2010. ... Full Story | Top |
| Myanmar must protect Muslims and halt discrimination: U.N. Wednesday, Oct 31, 2012 04:19 PM PDT  GENEVA (Reuters) - U.N. human rights investigators called on Myanmar on Wednesday to halt deadly sectarian violence and warned it not to use the conflict as a pretext to remove Rohingya minority Muslims. Some 89 people have been killed in clashes between Buddhist Rakhines and Muslim Rohingyas in western Myanmar in the past 10 days, according to the latest official toll. "This situation must not become an opportunity to permanently remove an unwelcome community," said a joint statement issued by Tomas Ojea Quintana, U.N. ... Full Story | Top |
| Progress in euro zone talks on Greece, no deal yet Wednesday, Oct 31, 2012 08:50 AM PDT  BRUSSELS/ATHENS (Reuters) - Euro zone finance ministers made progress on Wednesday on ways to keep Greece afloat, Germany said, as talks between Athens and its foreign lenders near conclusion over reforms it must implement to receive fresh emergency loans. Greece needs to push through spending cuts and tax measures worth 13.5 billion euros ($17.5 billion) as well as a raft of economic reforms to satisfy EU and IMF lenders and secure more bailout money to avoid bankruptcy. ... Full Story | Top |
| New York City subways to reopen Thursday with limited runs, Cuomo says Wednesday, Oct 31, 2012 01:33 PM PDT  NEW YORK (Reuters) - New York City's subway system will resume limited operations on Thursday, four days after it was shut down ahead of the arrival of Sandy, the massive storm that brought unprecedented flooding to the world's financial capital, New York Governor Andrew Cuomo said. Limited service on suburban commuter rail lines serving Long Island to the east and Westchester County and Connecticut to the north was to resume on Wednesday afternoon, Cuomo said at a press conference. Trains were to begin operating on the Long Island Railroad and Metro North Railroad systems at 2 p.m. ... Full Story | Top |
| Huge drug recall latest fallout in deadly meningitis outbreak Wednesday, Oct 31, 2012 03:04 PM PDT BOSTON (Reuters) - Ameridose, a sister company of the U.S. pharmacy linked to a meningitis outbreak that has killed 29 people, announced on Wednesday a voluntary recall of all its products, a move to cooperate with regulators that could nevertheless create shortages of some drugs. In particular, the U.S. Food and Drug Administration and a number of hospitals are concerned about the availability of several drugs for which Ameridose has been a major supplier, including those given as shots or intravenous drips or used during surgery. ... Full Story | Top |
| Obama will return to campaign trail on Thursday Wednesday, Oct 31, 2012 07:12 AM PDT  (Reuters) - President Barack Obama will return to active campaigning on Thursday with a trip to the battleground state of Nevada, the White House said in a statement. Obama has taken three days away from campaigning to oversee the response efforts to massive storm Sandy, which hit the East Coast earlier this week. (Reporting by Jeff Mason; Editing by Eric Beech) Full Story | Top |
| Climate and cost concerns mount in wake of "superstorm" Wednesday, Oct 31, 2012 02:01 AM PDT  WASHINGTON, Oct 31 (Reuters Point Carbon) - Monday's mammoth storm that caused severe flooding, damage and fatalities to the eastern U.S. will raise pressure on Congress and the next president to address the impacts of climate change as the price tag for extreme weather disasters escalates. Hurricane Sandy devastated the east coast of the United States, claiming dozens of lives so far, cutting power to over 8 million people and damaging major roadways, buildings and infrastructure, such as New York's 108-year old subway system. ... Full Story | Top |
| New York Harbor "unlikely" to fully reopen Wednesday: U.S. Coast Guard Wednesday, Oct 31, 2012 07:06 AM PDT  NEW YORK (Reuters) - The U.S. Coast Guard said it was "unlikely" that New York Harbor would be fully reopened on Wednesday following Hurricane Sandy, as damage assessments continue in the area. The port is currently open, but under severe traffic restrictions, a spokesman for the USCG said. The Port of Long Island Sound was reopened on Tuesday afternoon. Meanwhile, the ports of Pt. Judith and Block Island, Rhode Island, remain closed to vessel traffic until the Coast Guard completes assessments of those waterways, the USCG said. (Reporting by Edward McAllister; Editing by James Dalgleish) Full Story | Top |
| Barclays takes action on staff after Libor probe Wednesday, Oct 31, 2012 01:54 AM PDT  LONDON (Reuters) - Barclays has fired staff, clawed back pay and taken other disciplinary action after a "very rigorous" internal investigation into the bank's manipulation of Libor interest rates, its new chief executive said. "In some circumstances this has led to people being removed from the firm, in some cases it's led to disciplinary action, and along with that there has been a series of compensation actions ... appropriate to individual's involvement," Chief Executive Antony Jenkins told reporters on a conference call. ... Full Story | Top |
| MasterCard profit beats as consumers feel more confident Wednesday, Oct 31, 2012 07:24 AM PDT  (Reuters) - MasterCard Inc, the No.2 credit and debit card network, reported a quarterly profit that topped Wall Street estimates as more people across the globe opted to use cards instead of cash. Higher consumer spending in the United States also helped to boost MasterCard's third-quarter profit. U.S. consumer spending spiked in the quarter as people felt more confident about their job prospects. Cardholders made $676 billion of purchases worldwide in the quarter on a local currency basis, up 12 percent. In the United States, purchase volume grew 7. ... Full Story | Top |
| Russia's election Magician pans "undemocratic" U.S. vote Wednesday, Oct 31, 2012 07:57 AM PDT  MOSCOW (Reuters) - Tired of being lectured on democracy, the man known in Russia as "The Magician" for overseeing fraud-marred elections won by Vladimir Putin turned the tables on Wednesday by lambasting the U.S. electoral system. Using language usually reserved for U.S. and European criticism of Russia, Vladimir Churov said American voters will choose a president on Tuesday under an electoral system that is flawed and undemocratic. Churov, a Putin ally, may still have been smarting over U.S. ... Full Story | Top |
| In hurricane, Twitter proves a lifeline despite pranksters Tuesday, Oct 30, 2012 09:51 PM PDT  SAN FRANCISCO (Reuters) - As Hurricane Sandy pounded the U.S. Atlantic coast on Monday night, knocking out electricity and Internet connections, millions of residents turned to Twitter as a part-newswire, part-911 hotline that hummed through the night even as some websites failed and swathes of Manhattan fell dark. But the social network also became a fertile ground for pranksters who seized the moment to disseminate rumors and Photoshopped images, including a false tweet Monday night that the trading floor at the New York Stock Exchange was submerged under several feet of water. ... Full Story | Top |
| Analysis: Investment sponges for a growth-saturated world Tuesday, Oct 30, 2012 11:54 PM PDT  LONDON (Reuters) - When paltry growth, systemic risk and resource scarcity are darkening the global horizon, investors must hunt shrewdly to find stocks resilient enough to ride out the storm. Far from being cathartic, the past five years of credit crisis and the subsequent slow, painful debt paydown has merely nudged the world economy deeper into the dangers posed by dramatic population growth, aging in rich economies and shortages of natural resources and capital. ... Full Story | Top |
| Hong Kong named top financial center for second year Wednesday, Oct 31, 2012 12:05 AM PDT  LONDON (Reuters) - Hong Kong was named the world's top financial center for the second year running by the World Economic Forum (WEF), thanks to the strength of its business environment, infrastructure and a favorable tax regime. The WEF's annual Financial Development Report considered a wide range of factors and underscored the rise of Asian trading centers and the influence of China as the world's second-largest economy. Rival surveys based purely on the total value of transactions typically put New York or London in top place. ... Full Story | Top |
| Afghanistan presidential election set for April 2014 Tuesday, Oct 30, 2012 11:08 PM PDT  KABUL (Reuters) - Afghanistan will hold its next presidential election on April 5, 2014, the Election Commission announced on Wednesday. President Hamid Karzai, who is constitutionally barred from seeking a third term, had denied speculation that security problems and the exit of foreign troops that year would delay the poll. The credibility of the vote will be vital to the security and stability of Afghanistan after the final foreign combat troops have left by the end of 2014. Karzai's re-election in 2009 was blighted by allegations of fraud. ... Full Story | Top |
| News Corp seals $2.1 billion Australia pay-TV deal Tuesday, Oct 30, 2012 10:40 PM PDT  MELBOURNE (Reuters) - Rupert Murdoch's News Corp boosted its share of Australia's pay-TV market after shareholders in Consolidated Media Holdings Ltd voted in favor of a A$2 billion ($2.1 billion) takeover offer from News. The deal will double the stake of News Corp's Australian arm in dominant pay-TV operator Foxtel to 50 percent and give it 100 percent of content provider Fox Sports, increasing its pay-TV exposure at the same time as it cuts costs at its print operations. Consolidated Media said shareholders at a meeting on Wednesday voted 99.9 percent in favor of the takeover. ... Full Story | Top |
| Disney to buy "Star Wars" producer for $4.05 billion Wednesday, Oct 31, 2012 11:55 AM PDT  LOS ANGELES (Reuters) - Walt Disney Co agreed to buy filmmaker George Lucas's Lucasfilm Ltd and its "Star Wars" franchise for $4.05 billion in cash and stock, a blockbuster deal that includes the surprise promise of a new film in the series in 2015. The deal unites a boutique Northern California film studio that brought special effects into the digital era with a venerable Hollywood powerhouse that has shown a knack for getting the most out of big-name entertainment brands. ... Full Story | Top |
| Barclays hit by fresh U.S. investigations Wednesday, Oct 31, 2012 06:16 AM PDT  LONDON (Reuters) - Barclays, already rocked by an interest rate rigging scandal, unveiled new U.S. regulatory investigations into the bank's financial probity on Wednesday and said its profit was hit by charges for mis-selling insurance. Its shares fell almost 5 percent, hurt by a weaker performance in investment banking than most of its Wall Street rivals and fears that legal problems would handicap its new chief executive's efforts to overhaul the company. ... Full Story | Top |
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